United Company RUSAL, International Public Joint-Stock Company (486) H1 2026 earnings summary

Executive summary

• Revenue rose 10.9% year-over-year to USD 8,338 million for the first half of 2026, driven by higher aluminium prices despite lower sales volumes.

• Net profit reached USD 419 million, reversing a loss of USD 87 million in the prior year period.

• Adjusted EBITDA increased 64.4% to USD 1,230 million, with margin improving to 14.8% from 9.9%.

• The company focused on cost optimization, digitalization, and high-margin product development amid volatile markets and rising costs.

Financial highlights

• Gross profit increased to USD 2,028 million (24.3% margin) from USD 1,410 million (18.8%).

• Recurring net profit was USD 615 million, up from a loss of USD 16 million.

• Total assets stood at USD 25,531 million and total equity at USD 12,154 million as of 30 June 2026.

• Net debt increased to USD 8,901 million from USD 8,054 million at year-end 2025.

• Basic and diluted EPS was USD 0.0276, compared to a loss per share of USD 0.0057.

Outlook and guidance

• Management expects continued volatility due to geopolitical risks, sanctions, and commodity price fluctuations.

• The company is prioritizing supply chain adaptation, cost control, and digital transformation to maintain resilience.